All Forum Posts by: Marc Maitre

It all depends on the market, to be honest, and how your buyer run their numbers. One thing I always ask buyers when I am vetting them. "Hey, Joe, what do you use to calculate your MAO" Some use 70, some maybe 75. In some markets, it can be lower or higher. So as someone above says, go to your REA and ask realtors and investors there.

If you want to learn how to run your numbers, check out the link below and, overall, youtube it and take action on it. 

The best thing to do is to be upfront with the seller. I have a few things I say that work for me, and my contract has it in bold that I do plan to market this property and could potentially assign it to another buyer. I go over that with the seller so they understand. Not sure what the laws are actually in Illinois, but if the seller is ok with me marketing the property, then what's the problem? The best thing to do is be prepared to double close and make sure the deal is in deep, deep discount and have a solid buyers list you can privately send deals to instead of blasting on social media.

Also, are you doing real estate and taking action or are you waiting for the perfect time and waiting until you have all the knowledge first? If you're waiting for the perfect time good luck; there's no such thing as the best time to have started was 10-15 years ago. The next best time is right now. and if you're waiting until you're fully knowledgable, then you won't take action hence 3 years later. But I don't know your story and won't presume to know. just my 2 cents.

I understand the need to feel safe; I carry my firearm during walkthroughs, not playing no games. But I would have a friend with you if you can. If not, partner with local investors and contractors who would be willing to go on a walkthrough. They might ask that you pay a fee; depending on your many visits, it could be costly. Other than that not sure what to say. You have solid advice from a couple of people 

Nice to meet you Wesley; if you're getting started with wholesaling here is the best free course I took that help me out a lot and yes it's free; just sign up. Go to their youtube as well and they teach everything you need to know. Good luck let me know if you have any questions. 

https://www.flipwithrick.com/m...

WOW, that's how much it is; I always wondered. If you have another 3-6k for marketing and you're not scared to make such a huge investment, go for it. But I think that's way too much just my opinion

 I mean, there's a lot, but let's say the seller asks, "Are you the one buying my property, or are you wholesaling it" (sellers may know what wholesaling is at this point) Your answer to that can be as simple as "the goal is to purchase the deal for our portfolio, but were not exactly sure what we will do as far as an exit strategy, we could keep it ourselves flip it or rent or even sell it to a partner, but what we agree on doesn't change regardless of what I decide to do with it" leave it at that. Proceed to ask the next qualifying question i.e. "Can you tell me a little more about the condition of the home" etc

If numbers don't work, then the only options are Seller financing, subject to, or novation agreement, where you do the work to the house and put it back on the market after rehab is done; make sure to agree on a number they will get at closing and make sure you get your profit. 

Take it from a guy who got played multiple times now; know it's part of the game. What I would say is this. Make sure your vetting process is critical. Don't let them off the hook. I realize with some investors when you start asking questions like how fast you can close, can you show proof you're an actual buyer, etc., they get funny like they wouldn't have to do the same if they were a realtor. Because we want to move fast, we don't always vet buyers thoroughly, but we should. Secondly, for good deals, I would place a memorandum on the property so other buyers/sellers can't go behind your back. All I can see is to keep a positive mindset. You attract what you think about, so stop thinking everybody is out to get you, lol 

Crappy situations sound like the ones giving wholesaling a bad rep. It pisses me off. As mentioned above, we would need more info than you provided. 

First, you are not convincing anyody to do a deal; that's how you lose it. I come into it like a conversation if the seller wants to sell; cool if they don't, then cool. They must be motivated, the most critical pillar when qualifying for a lead. 

Your question is way too broad to be answered here, but here is a free course by one of the best in the industry. It's going to give you the foundation. Watch Max Maxell, Flipwith Rick, Pace Morby, Wholesale Inc. Educate yourself on wholesaling If you have any questions DM me